MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (1057)	10/26/1999 1:12:00 PM
From: J.T.	Read Replies (1) of 19219

There is mounting overhead supply at this BKX 810. This BKX 810 resistance needs to be decisively taken out for this market to get new legs to take this market higher. BKX now at BKX 804. On the downside, a close below BKX 795 now will accelerate this downdraft further and a retest of the recent lows. I have stated in past BKX 795 two closes would get me to go long. But this exogenous shock via the banking bill has muddied the waters and I have asked for confirmation of other indices yesterday. Market data has remained inconclusive into yesterday's close and today so far is quite elusive regarding market direction. We are at that cross-roads in the broad market... The first close above BKX 795 was a result of the this exogenous shock via the banking bill which has opened the floodgates of future potential mergers between financials and specifically beaten down insurance companies. In addition, financials can now have the opportunity to offer to cross-sell each others products and services in which now only the strong will survive. Survival of the fittest. BKX as a result of this soared to close at BKX 808.6 on Friday. Yesterday we have this pullback and close at BKX 797.5 for this unconvincing second close above BKX 795. We may have to wait until Thursday mornings employment cost index number before the gamut is played out. Best Regards, J.T.

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